Accounting and software standards for fixed assets

Article Abstract:

Considerable attention has been paid by accounting standards authorities to developing asset accounting standards in the last ten years, but no formal mechanism has been developed for assuring the compliance of computer software with these standards. Helpful but limited work for evaluating such computer software has been accomplished in the United Kingdom by the National Computing Centre in conjunction with the Institute of Chartered Accountants in England and Wales. The major burden for ensuring software package compliance with accounting standards remains with the user, in the absence of a comprehensive, independent evaluation procedure. An asset accounting system criteria checklist is provided for evaluating accounting software packages.

Software, Assets (Accounting)

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The Technical Committee plays a major role

Article Abstract:

The Technical Committee (TC) of the Institute of Chartered Accountants in England and Wales consists of accountants from public practice and industry who meet to resolve technical accounting problems. The three objectives of the TC are to develop accounting and auditing guidance in areas not covered by the Accounting Standards Committee (ASC) or the Auditing Practices Committee (APC); to monitor the work of the ASC and APC; and to review technical statements issued by the Council of the Institute. Topics recently covered by the TC include off-balance-sheet financing and accounting for depreciation.

Research, Institute of Chartered Accountants in England and Wales, Trade and professional associations, Professional associations, Trade associations

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